The Reserve Bank of New Zealand announces a survey on CBDC: 90% of people believe they will be monitored

According to Iedger Insights, the Reserve Bank of New Zealand has announced the results of its CBDC survey launched in April. The survey received 500 detailed responses and 18,000 people participated in the public online survey. 90% of online survey respondents were concerned that the government would use CBDCs to monitor or control their spending, with over 70% expressing distrust in digital cash issued by reserve banks. However, among those who participated in comprehensive consultations, only 36% distrusted.

A more common issue was whether respondents agreed with the reasons for investigating digital cash. Only 16% agreed while over 80% disagreed. The central bank gave the following reasons:

To ensure that New Zealanders can use central bank currency and allow it to be used digitally,
To establish an innovative, competitive currency and payment system conducive to New Zealand's digital economic development.

One global concern about CBDCs shared by New Zealand is that they could accelerate the decline of physical cash; people want assurance that they will still have access to physical money.